As 2024 winds down for the DMV real estate market, prices continue to be driven by the limited supply. According to data through November from our regional Multiple Listing Service, the median price for homes is up about 6% for the year relative to 2023. While the number of active listings is up about 10% for the year relative to 2023, it's still down about 35% from 2019. Lower mortgage rates are also exerting upward pressure on prices. Mortgage rates this fall have been in the low to mid 6s, compared to being around 8% this time last year. That difference in interest rates can save the buyer of a $1M home close to $1000 on their monthly payment. Buyer activity also picked up in the fall, generally coinciding with the drop in mortgage rates. One measure of buyer activity is the number of property showings that are happening, and showings in November were up about 21% compared to November of 2023.
Are you interested in a deeper dive into the market in your neighborhood or in a neighborhood where you’d like to live? Contact us. We’re happy to discuss!
